First Solar Announces 2Q 2024 Financial Results

First Solar, Inc. announced financial results for the second quarter ended June 30, 2024.

Net sales for the second quarter were $1 billion, an increase of $0.2 billion from the prior quarter. The increase was primarily driven by an increase in the volume of modules sold and an increase in the average selling price per watt of our modules.

The company reported second quarter net income per diluted share of $3.25, compared to net income per diluted share of $2.20 in the first quarter of 2024.

Cash, cash equivalents, restricted cash, restricted cash equivalents, and marketable securities, less debt at the end of the second quarter, decreased to $1.2 billion from $1.4 billion at the end of the prior quarter. The decrease was primarily a result of capital expenditures associated with new U.S. factories in Alabama and Louisiana along with the repayment of working capital loans in India, partially offset by increased operating cash flows from our modules business. The company has an expected expected sales backlog of 75.9 GW.

“We are pleased with our financial and operational execution through the first half of this year as we continue to deliver on our commitments,” said Mark Widmar, CEO of First Solar. “Our balanced approach to growth, profitability, and liquidity, combined with multiple technological and business model points of differentiation is enabling us to deliver value for both our customers and our shareholders.”